We are on the look out for the banks with the best savings rates, easy to use online services, and the security of being FDIC-insured. This review of Colorado Federal Savings Bank should tell you whether or not they are one of the best online banks. Founded in 1990, Colorado Federal Savings bank concentrates on mortgage products and deposit accounts.
Mortgage Products
Mortgage products must be applied for over the phone. Colorado Federal Savings Bank’s website is very basic and offers only minimal information. Colorado Savings Bank is FDIC insured and an equal housing lender. They do offer two mortgage calculators. One will calculate a loan amortization schedule for you. Another calculator tool will help you to determine how much you can afford to borrow for a home. Although the website does not have much information for you, the calculators are helpful.
Deposit Accounts from Colorado Federal Savings Bank
There are two deposit calculators available through Colorado Federal Savings Bank, to help you plan and make smart deposit decisions. There is the one time deposit calculator that assists you in determining what the return will be of you make a single deposit. The next calculator helps you to see the growth of your investment if you plan to deposit money consistently into your accounts.
Colorado Federal Savings Account
The online savings account offered by CFSB has an initial deposit requirement of $2,500. The account can be applied for online and does not require a trip to a physical branch. Yes, we love online banking and all the time it saves! Please note that with this high yield savings account, you may only transfer funds to your linked checking account. You determine which checking account is linked when you open and fund the high interest savings account. The savings rate is a variable APY rate. There are limits to the number of withdrawals you can make on this high yield account. You may initiate up to six withdrawal transactions per monthly statement cycle with no service fee. Online transfers made using CFSB’s online banking services are free. After the magic number of 6, each withdrawal will cost you $25. Colorado Federal Savings Bank currently offers a savings rate that is very competitive, when compared to other banks (especially the larger banks such as Bank of America Savings and Chase Bank Savings). If you are interested in specific rate information on CFSB’s savings account please see Bank Truth’s post.
CFSB Certificates of Deposit
There are six different terms available from Colorado Federal Savings Bank. The shortest term is 6 months and the longest is 5 years. Remember with cd accounts, it is very important to consider carefully the term that will fit your needs and also will bring you the highest APY rate. At CFSB it is the length of the term that influences the APY rate you will earn. The best CD rate is connected to the 5 year cd term. All high interest certificates of deposit require a minimum deposit of $5,000 and all CDs automatically renew. Would you like to know more details about these high yield cds? You can view our page devoted specifically to Colorado Federal Savings Bank CDs, which has specific rate information as well as comparisons.
Summary of Colorado Federal Savings Bank Review
Colorado Federal Savings Bank is obviously not a “one stop shop”, yet they do offer competitive rates of return on basic deposit accounts. While the website does not offer a lot of information, it does give you the basics and is easy to navigate. They offer very high rates of return, but the initial deposit for cds may be a little high for some. All in all, I think that if you are specifically looking for savings or certificate of deposit accounts, Colorado Federal Savings Bank is an ok venture. There are other banks out there that have lower cd deposit requirements and higher rates, but they do come in the top ten.
Please do not just take my word for it. Compare rates and requirements by using Bank Truths other reviews on the best banks. Bank Truth even has short video reviews of several popular banks that you can view.
Colorado Federal Savings Bank Review,
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July 22, 2012 at 6:38 am
If you have a financial emngerecy, but have bad credit history, no credit, a recent bankruptcy or foreclosure, a fast cash loan company may be the temporary solution to your problems. Payday loan companies will usually not check your credit. So, Bad Credit No Problem!
February 3, 2012 at 3:49 pm
I opened an account with this bank when they were offering a substantial yield. The gradually lowered the yield over the next several months and now are a bankrate three star bank. When I decided to switch to another bank they would not credit me my last month’s interest! They cited a loophole in one of their disclosures that states if you close your account before interest is credited, you will not receive the accrued interest. I don’t recall seeing that disclosure when I opened the account. What’s worse, I didn’t even close my account, they did it automatically when I transferred my balance away. This seems very unethical to me and definitely not something I have ever dealt with any other institution. I checked my new institutions disclosures and they happily pay accrued interest when an account is closed. When I talked to a manager about this issue he dismissed my complaints as invalid. Seems like they would rather have an unhappy customer than do the ethical thing. They got the use of my money for 25 days and refuse to pay the stated interest. Other than that, their statements don’t look very official and their interface to transfer money is very odd. I would stay away.